Jacobson and 13 and liquidation analysis?
Posted: Tue Jul 21, 2015 2:17 pm
If I was a creditor, I would object on the basis that the liquidation
analysis was not done correctly. The Plan should say that distributions to
the unsecured class will increase if the currently exempt assets revert to
nonexempt property of the estate. I am fairly certain I would win.
Now, I do not know what a Ch 13 Trustee would do. I am also not sure how
you can protect the whole 50k. 26k could be exempted with the wildcard,
5-6k with some sort of retirement plan. 5k for your admin claim. That
leaves about 14k.
Sincerely,
*Michael Avanesian, Esq. *
Simon Resnik Hayes, LLP
15233 Ventura Blvd., Suite 250
Sherman Oaks, CA 91403
Tel: 818.783.6251 | Cel: 818.817.1725
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On Tue, Jul 21, 2015 at 11:53 AM, 'Steven B. Lever' sblever@leverlaw.com
[cdcbaa] wrote:
>
>
> Hale:
>
>
>
> Thats highly unlikely in a Chapter 13 that the Trustee will think that
> way. You can always dismiss the case if she does. Just let the clients
> know theres some small risk of that.
>
>
>
> Steve
>
>
>
>
>
> Law Offices of Steven B. Lever
>
>
>
> Steven B. Lever
>
>
>
> *From:* cdcbaa@yahoogroups.com [mailto:cdcbaa@yahoogroups.com]
> *Sent:* Tuesday, July 21, 2015 11:16 AM
> *To:* cdcbaa@yahoogroups.com
> *Subject:* [cdcbaa] Jacobson and 13 and liquidation analysis?
>
>
>
>
>
> Married debtors sold a residence in April 2015, proceeds of about $50,000
> exempted by CCCP 704.720(b). If a Chapter 13 is filed now in July, the cash
> is still exempt.
>
>
>
> However, the evil *Jacobson* 676 F.3d 1193
> (2012) says that the exemption evaporates in a Chapter 7 if the person with
> awful credit has not reinvested in a new home in six months. Question: is
> there a similar rule for Chapter 13 cases? Or for liquidation analysis, is
> it only examined at the time of filing? I'd hate to file the case, have the
> scant 5% plan get confirmed because it pays more than zilch in a 7, but if
> proceeds not reinvested timely have it fail some postpetition 2016
> liqudation analysis.
>
>
>
> Thanks!
>
> Hale
>
>
>
> *Hale Andrew Antico*
>
> (661) 252-9900
> http://www.ScvBankruptcy.com
>
>
> *Board of Directors, Central Dist Consumer Bankruptcy Attorneys' Assn.
> (CDCBAA)*
>
> *Board of Directors, Southern California Bankruptcy Inn of Court*
>
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>
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> Bankruptcy Laws. *
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> *We assist people with finding solutions to their debt problems,
> including, where appropriate, *
>
> *assisting them with the filing of petitions for relief under the United
> States Bankruptcy Code.*
>
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If I was a creditor, I would object on the basis that the liquidation analysis was not done correctly. The Plan should say that distributions to the unsecured class will increase if the currently exempt assets revert to nonexempt property of the estate. I am fairly certain I would win.Now, I do not know what a Ch 13 Trustee would do. I am also not sure how you can protect the whole 50k. 26k could be exempted with the wildcard, 5-6k with some sort of retirement plan. 5k for your admin claim. That leaves about 14k.Sincerely,Michael Avanesian, Esq.Simon Resnik Hayes, LLP15233 Ventura Blvd., Suite 250Sherman Oaks, CA 91403Tel: 818.783.6251 | Cel: 818.817.1725Confidentiality:This electronic transmission and its contents are legally privileged and confidential information and intended solely for the use of the addressee. If the reader of this message is not the intended recipient, you are hereby notified that any dissemination, distribution, copying or other use of this message and its contents is strictly prohibited. If you have received this transmission in error, please reply to us immediately and delete this message from your directory.IRS Circular 230 Disclosure:To ensure compliance with requirements imposed by the IRS, please be advised that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used or relied upon, and cannot be used or relied upon, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
On Tue, Jul 21, 2015 at 11:53 AM, 'Steven B. Lever' sblever@leverlaw.com [cdcbaa] <cdcbaa@yahoogroups.com> wrote:
Hale:Thats highly unlikely in a Chapter 13 that the Trustee will think that way. You can always dismiss the case if she does.>Steve cdcbaa@yahoogroups.com] Sent: Tuesday, July 21, 2015 11:16 AMTo: cdcbaa@yahoogroups.comSubject: [cdcbaa] Jacobson and 13 and liquidation analysis? Married debtors sold a residence in April 2015, proceeds of about $50,000 exempted by CCCP 704.720(b). If a Chapter 13 is filed now in July, the cash is still exempt. However, the evilJacobson 676 F.3d 1193 (2012) says that theexemption evaporates in a Chapter 7 if the person with awful credit has not reinvested in a new home in six months. Question: is there a similar rule for Chapter 13 cases? Or for liquidation analysis, is it only examined at the time of filing? I'd hate to file the case, have the scant 5% plan get confirmed because it pays more thanzilch in a 7, but if proceeds not reinvested timely have it fail some postpetition 2016 liqudation analysis. Thanks!HaleHale AndrewAntico (661) 252-9900
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